Additional "catch up" contribution allowed for people age 50 and better

Early withdrawal penalties may apply

$500 minimum deposit to open

*Consult a tax advisor.

Traditional vs. Roth

Each IRA option offers different advantages. The biggest difference is when you see the advantage — a traditional IRA provides potential tax benefits today, while a Roth IRA has the potential for tax benefits when you retire. We'll be glad to discuss your retirement savings needs with you. Simply contact us or come visit us.

Traditional IRA

No income limits to open

No minimum contribution required

Contributions are tax deductible*

Earnings are tax-deferred until withdrawal (usually in lower tax bracket)

Withdrawals can begin at age 59 ½

Early withdrawals subject to penalty**

Mandatory withdrawals begin at age 70 ½

Roth IRA

Income limits to be eligible to open Roth IRA***

Contributions are NOT tax deductible

Earnings are tax-free at withdrawal*

Principal contributions can be withdrawn without penalty*

Withdrawals on interest can begin at age 59 ½

Early withdrawals on interest subject to penalty**

No mandatory distribution age

No age limit on making contributions as long as you have earned income

*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.